COLUMBUS, Ga. - Synovus Financial Corp. has agreed to buy PNB Bankshares of Peachtree City, Ga., for about $9.6 million in stock.
PNB is the parent company of Peachtree National Bank, which has $74 million of assets and shareholders' equity of $5.3 million. It is expected to earn about $700,000 in 1993, PNB said. Peachtree National operates four banking offices and one mortgage loan office in Fayette County, Ga.
The transaction is expected to be completed in the first half of 1994.
Peachtree National will operate as an affiliate of Synovus and will continue to operate under the Peachtree National name.
Synovus has $5.5 billion of assets and owns 31 community, banks in Georgia, Alabama, and Florida. It also controls Total System Services Inc., a large credit card processing company.
